Partnership Resolution for Forgiveness of Receivable Between J.W. Korth & Company LP and Korth Direct Mortgage LLC

Contract Categories: Business Finance › Release Agreements
Summary

J.W. Korth & Company LP, the sole owner of Korth Direct Mortgage LLC (KDM), has agreed to forgive all outstanding receivables owed by KDM as of March 31, 2019, totaling $548,802. This decision is intended to improve KDM's net worth and support its business operations, including servicing its Mortgage Secured Notes. The agreement was executed on May 1, 2019, and is confirmed by authorized representatives of both companies.

Read More Arrow
EX-10.01 2 ex10_01.htm EXHIBIT 10.01

 

Exhibit 10.01

Partnership Resolution

 

Forgiveness of Receivable Due J. W. Korth & Company LP

 

From

 

Korth Direct Mortgage LLC

 

____________________________________

 

 

Whereas, As of March 31, 2019, J. W. Korth & Company has provided Korth Direct Mortgage LLC (“KDM”) with a net unrepaid support amount of $548,802, and

 

Whereas, J W Korth & Company is the 100% owner of KDM, and

 

Whereas, KDM will benefit by have a greater net worth to operate its business, and provide for servicing its Mortgage Secured Notes,

 

Now Therefore, J. W. Korth & Company hereby forgives all receivables owed from KDM up to March 31, 2019.

 

Completed this 1st Day of May 2019

 

Confirmed:

 

For J. W. Korth & Company

 

/s/ James W Korth

By James W. Korth

Managing Partner

 

For Korth Direct Mortgage LLC

 

/s/ James W. Korth

By James Korth

Chief Executive Officer